Jiangsu Horizon Redirects HK$58.55 Million Unused Placing Proceeds to Working Capital

Bulletin Express08-05 21:45

Jiangsu Horizon Chain Supermarket Company Limited (Jiangsu Horizon) will seek shareholder approval on 25 August 2026 to re-allocate the entire HK$58.55 million of unutilised proceeds from its December 2025 H-share placing to general working capital.

Originally earmarked for a RMB53.21 million capital increase in Haike Hongxin Digital Technology (Shenzhen) Co. Ltd., the funds are now proposed to be deployed as follows: approximately 25 % for staff costs, 5 % for audit fees, 10 % for professional fees and 60 % for other operating expenses.

Key reasons for the shift include: • Operational constraints and slower-than-expected commercialisation of Haike Hongxin’s unmanned coffee machines and other AI/robotics products. • Haike Hongxin’s swing to a net loss of RMB1.97 million for the six months ended 30 June 2026, compared with a net profit of RMB1.33 million for the eight months ended 31 December 2025. • Disposal of Jiangsu Horizon’s entire 18 % equity stake in Haike Hongxin to Haike Chuangzhan Medical Technology for RMB25 million—equal to the original investment cost—and termination of the capital-increase agreement without penalties. • Preservation of Jiangsu Horizon’s liquidity to meet internal working-capital needs.

The board believes the reallocation will strengthen day-to-day operations without materially affecting the group’s business model. Voting will be conducted by poll at the extraordinary general meeting, and the directors recommend shareholders vote in favour of the resolution.

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